Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,837/mo
Lowest payment- Down payment
- $19,819
- Funds due
- $32,470
- Interest + MI left
- $349,471
- First ends
- Aug 2052
New loan
New conventional
$3,100/mo
+$263/mo- Down payment
- $44,000
- Funds due
- $53,418
- Interest + MI left
- $579,017
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $420,181 | $396,000 |
| Second mortgage | — | — |
| First P&I | $2,498.87 | $2,682.64 |
| Second P&I | — | — |
| Mortgage insurance | — | $79.20 |
| Taxes, insurance & HOA | $338.50 | $338.50 |
| Total housing payment | $2,837.37 | $3,100.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,819
Closing costs & prepaids$12,650
Usable credit−$0
Total buyer cash needed$32,470
Earnest money paid−$0
Remaining funds due$32,470
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,100.90
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$528.00
Initial HOA (3 months)$37.50
Prepaid interest, first (6 days)$366.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing25 yr 8 moOf the original 30-year loan at 5.3%
Interest already paid$100,122Through Dec 2026
Assumption only · ends Aug 2052$349,471
New conventional · ends Jan 2057$579,017